Memecoins in the digital asset space have skyrocketed in the past 24 hours with the biggest gainers being Shiba Inu (SHIB), Popcat (POPCAT), dogwifhat (WIF) and First Neiro on Ethereum (NEIRO). On the other hand, altcoins have also gained in price but meme coins remain strong.
According to data from CoinMarketCap, the meme coin has reached a massive market capitalization of $55 billion, up 7.9% in the past 24 hours. Meanwhile, the total trading volume in the sector is $10.2 billion. On the other hand, the total valuation of the crypto space has also skyrocketed to $2.19 trillion.
Dogecoin (DOGE) and Shiba Inu (SHIB), the meme coins with the highest valuations of $16.18 billion and $10.5 billion respectively, have increased by 2.55% and 5.45% in the past 24 hours. Over the past week, DOGE is up 1.40% while SHIB is up 1.5% and these digital currencies are trading at $0.1106 and $0.00001786 respectively.
As pointed out in SHIB KNIGHTâs X (formerly Twitter) post, Shiba Inu is forming a âWâ shaped bullish move which means the price action first fell from a high of $0.00002169 to a low of $0.00001548 then spiked to $0.00001885 and then fell again to $0.00001605. Given the price increase over the past 24 hours, if SHIB moves above $0.00002, the W pattern would be complete.
Other Big Meme Coins
Other dominant meme coins including Pepe (PEPE), POPCAT, WIF, and NEIRO also surged, gaining 5.5%, 7.9%, and 35.2% in the past 24 hours. It is important to note that NEIROâs market cap is $891 million while the digital currencyâs trading volume is well above $1 billion. At the time of writing, the meme coin is trading at $0.002109 after gaining 105.2% over the past week.
POPCAT is trading at $1.42 while WIF and PEPE are at $2.71 and $0.059837 respectively. It is important to note that SPX6900 (SPX) has surged 60% and is trading at $0.8267.
